Gimv leads €10.3m round for Itineris

The transaction marks the third investment round for Itineris led by Gimv. The GP and Arkiv Tech Fund II together contributed €7.8m to the round. The balance came from existing investors PMV and company CEO Edgard Vermeersch, each contributing half of a €2.5m total, according to the GP.

The group's revenues have increased from €25m in 2013 to €43m in 2016.

The fresh funding will support the group's continued growth and particularly the development of its software product, Umax, in North America, the GP said in a statement. The company is also considering acquisition opportunities, both in Europe and the US.

The GP closed its buyout fund Gimv-XL, which targets Flemish companies with an enterprise value between €75-750m, on €609m in 2010.

Previous funding
The latest round brings the total raised by Itineris above the €30m mark. In July 2011, PMV and the Itineris founder and CEO Edgard Vermeersch injected €4.5m into the company. PMV provided €3m of the funding, with Vermeersch supplying the balance.

In 2013, Gimv and PMV co-invested €8.5m in the company alongside Vermeersch. Gimv invested €6.5m in the round, some of which was contributed by the Gimv Arkiv Technology Fund II, a €25m vehicle managed by Gimv under the Arkimedes initiative of the Flemish government. PMV and Vermeersch each contributed €1m. The funding was mainly aimed to support Itineris's expansion into the US market, which it entered in 2012.

Two years later, Gimv led a $10m round for Itineris. Gimv and Arkiv Tech Fund II collectively invested $7.5m in the company, while Vermeersch and PMV contributed $1.25m each.

Company
Founded in 2003, Itineris provides business software, as well consultancy and IT services to power, gas and water distributors and retailers.

Itineris is headquartered in Deurle, Belgium, with an additional office in Oosterhout, the Netherlands.

The company's software is currently available in Belgium, the Netherlands and the US, and through partners in several other countries including the UK, France, Russia and Slovenia.

Customers include Delta, E.ON, GDF Suez, Eneco and AGL Resources.

The company claimed revenues of €43m for the year 2016, and has over 250 employees worldwide.

People
Gimv – Matthias Vandepitte (principal).

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